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Financial Snickens
Financial Snickens episodes
- Find and Save More Money with These 3 Tools
Did you know there are free tools that can help you find unclaimed money or boost your savings? Find out my top 3 favorite money-saving tools that are absolutely free and easy to use so you can stash more cash!
In this episode, you’ll also hear:
- Details about Utah State University’s Power Pay
- How to find money using Unclaimed.org
- Why you should track your credit with Credit Karma
Must-listen moments:
[00:00:48] Power Pay gives you the tools to develop a personalized, self-directed debt-elimination plan.
[00:01:33] Search the unclaimed property list for your name to potentially find money, dividends, uncashed checks, mineral rights payments, etc) and follow the instructions on how to claim it.
[00:01:53] Credit Karma is a must-have…it keeps track of your credit alerts, and it makes you aware of any changes or errors in your credit report.
Mentioned in this Episode:
Power Pay - https://extension.usu.edu/powerpay/
Unclaimed.org - https://unclaimed.org/
Credit Karma - https://www.creditkarma.com/
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: [email protected]
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.
3 min - It’s Never Easy To Fire a Client
Firing a client is never easy, but sometimes it’s necessary in order to protect your business and your core values.
In this episode, I highlight things to consider before cutting ties with a client, and why it’s crucial to salvage as much of your professional relationship as possible when it’s time to say goodbye.
In this episode, you’ll also hear:
- Steps to take before firing a client
- My recommendations for documentation and formal disagreement letters
- Why you should avoid burning bridges with clients
Must-listen moments:
[00:01:35] Be very clear and specific about the issues you've identified, try to remain professional and avoid becoming emotional.
[00:02:36] Provide a very clear and specific formal disengagement letter to the client. It should include the reasons for the termination, how information is gonna be passed on, and the date on which the relationship will actually end.
[00:03:34] If possible, try to resolve the issues and maintain a positive relationship. However, if the relationship becomes too difficult or damaging to you or your business, it may be necessary to part ways, but do your best to leave the relationship on good terms.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: [email protected]
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.
5 min - What Should You Measure?
Understanding the numbers of your business is key to its growth and success. But what should be measured to truly know how a business is performing?
In this episode, I cover 8 KPIs, which key performance indicators are most useful to tracking your business’ progress, and how to know when to change what you’re measuring.
In this episode, you’ll also hear:
- 8 Common key performance indicators (KPIs)
- Benefits of measuring your Net Promoter Score (NPS)
- Understanding when to change KPIs
Must-listen moments:
[00:00:40] KPIs are metrics that help you measure progress towards your goals, and they can vary widely depending on the industry and your company and the type of business that you're in.
[00:02:00] We use Net Promoter Score in everything that we do, and it's easy to collect data on this. What it does is it measures client satisfaction and loyalty by asking customers how likely they are to recommend the business to others.
[00:03:30] You might decide that you want to change what you're measuring because the organization is moving in a different direction, and it's important to identify the KPIs that are most important to your business and track them regularly.
Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com
Reach out to Alisa: [email protected]
Connect with us on social media!
FB - https://www.facebook.com/FirstStepsFinancial
IG- https://www.instagram.com/firststepsfinancial/
LinkedIn -https://www.linkedin.com/company/first-steps-financial/
Podcast audio/video editing and show notes by http://www.podcastabundance.com/services.
4 min - What Info Do You Get From a Profit and Loss?
Are you ready to unlock the secrets hidden within your profit and loss statement? Get ready to discover the power of this document as we dive deep into its significance. Join us as we unravel the mysteries of your profit and loss statement and explore how it can revolutionize your business decisions. From setting prices and forecasting growth to obtaining loans and attracting investors, this report holds the key to your success. We'll also reveal how your profit and loss statement plays a crucial role in effective tax planning, ensuring you keep more of your hard-earned money. Don't miss out on this episode packed with invaluable insights. Tune in now and learn how to unleash the full potential of your profit and loss statement!
Key Highlights:
[00:00 - 02:53] Unlocking the Power of Your Profit and Loss Statement
- Profit and loss statement is the first report to review every month
- You can use it to make decisions on setting prices, developing sales targets and forecasting growth
- It is necessary for good tax planning advice
Key Quotes:
“If you're applying for a loan, a profit and loss statement will be the document that will be needed.” - Alisa McCabe
“Your profit and loss statement reports the total income that's come into your business.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
3 min - Do You Need More than a Business Checking Account?
Attention all entrepreneurs! Are you tired of feeling overwhelmed by your business finances? Do you struggle to keep track of your accounts? Then join us for a conversation on how to manage your finances better! In this episode, we'll cover the different types of accounts available to entrepreneurs, including the benefits of having a business checking account, money market accounts, savings accounts, and certificates of deposit. We'll delve into the features of each account, such as interest rates, minimum deposits, and monthly fees, as well as special offers from banks that you won't want to miss. Plus, we'll share tips on how to meet minimum balance requirements and identify other institutions that offer higher interest rates. Don't miss out on this valuable information – tune in now to start managing your business finances like a pro!
Key Highlights:
[00:00 - 06:08] Uncover the Benefits of Having a Business Savings Account and Find Out About Deposit and Withdrawal Limits
- Savings accounts may have no minimum fees and no monthly fees
- Having checking and savings accounts at the same bank may be more effective than having separate savings accounts
- Institutions other than main bank may pay higher interest rates on savings accounts
Key Quotes:
“Having your checking account and savings account at the same bank might be more effective than having a separate savings account at a different bank.” - Alisa McCabe
“Make sure your business cash works as hard as you do.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
7 min - Most Common Misunderstandings about your Financials
Are you a business owner struggling to make sense of your finances? Do tax time and loan repayments leave you feeling confused? Fear not, as we have got you covered in this podcast episode! Join us as we unravel the top five questions that entrepreneurs commonly have around financial misunderstandings and provide you with actionable tips to navigate them. From demystifying loan repayments and owners' draw to understanding how to record funds properly, we've got everything you need to know to make informed decisions about your finances. Alisa will guide you through managing cash flow, tracking expenses, and comprehending profit margins. Don't miss out on this opportunity to take charge of your finances and make informed decisions for the growth of your business!
Key Highlights:
[00:00 - 02:28] Uncovering the Most Common Misunderstandings About Your Financials
- Tax time is a stressful time for everyone
- When repaying, money is given back to the bank and interest is an expense
- Interest is recorded as an expense on profit and loss statement
[02:29 - 07:23] Understanding Owner's Draw: Why It Isn't an Expense to Your Business
- Bank balance decreases when you pay a loan, but it doesn't increase your expenses
- It is critical, as the owner, to understand your entity type so that you can comprehend how you can take money out of the firm
Key Quotes:
“Your bank balance decreases when you pay the loan….but it doesn't increase your expenses.” - Alisa McCabe
“It's really important to know what type of entity you are so you can record and understand how you as the owner can take money out of the business.” - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
8 min - 6 Key Strategies to Keep Your Business on Track
Are you a small business owner struggling to keep your finances in order? In this episode of the Financial Snickens Podcast, we’ve got you covered with six key strategies to avoid accounting errors and maintain best practices for your company’s financials. From hiring an accountant or bookkeeper to controlling expenses and keeping personal/professional expenses separate, we’ll cover everything you need to know to stay on track financially. Plus, we’ll discuss the importance of choosing the right accounting method and working with a tax planner to ensure compliance with IRS regulations. Don’t miss out on these valuable insights – tune in now!
Key Highlights:
[00:00 - 02:15] Financial Tips for Entrepreneurs
- Accounting errors can be mitigated or avoided with prudent planning and smart choices
- Hiring the best accountant and bookkeeper can save money in the long run
[02:16 - 04:35] Why Hiring a Competent Accountant is Worth the Investment for Your Business
- Hiring a competent accountant is worth the investment
- Find someone patient and willing to teach you about finances
- Review expenses monthly or more frequently to stay in control and increase profits
[04:36 - 08:55] Essential Tips for Small Business Owners to Manage Finances Effectively
- Incidental expenses can add up over time
- Open a business checking account for all income and expenses
- Choose the right accounting method (cash or accrual) with guidance from a tax planner
Key Quotes:
“When you start a business, the first thing you should do is open a business checking account.” - Alisa McCabe
“Control your expenses.” - Alisa McCabe
Resource Mentioned:
quickbooks.intuit.com
Link to more information from the IRS on the difference between employees and contractors: https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
9 min - Pre and Post Conference Checklist
How do we get the most out of conferences? Conferences are a great way to learn about new industry trends, network with like-minded individuals, and gain valuable insights into running a business. However, attending a conference can be overwhelming without proper planning. Listen to today’s episode for practical tips on having a pre- and post-conference plan.
Key Highlights:
[00:01 - 02:22] Pre and Post-Conference Planning Tips for Entrepreneurs
- Conferences are valuable educational tools - take advantage of them
- Pre-conference planning includes asking yourself, “Why should I go?”
- Collaborate with colleagues to attend different workshops and exchange notes
- Have a plan for organizing information and creating action items
[02:23 - 04:49] Building Relationships with Colleagues and Vendors
- Be open to talking to people and building relationships
- Attend breakfasts, coffee breaks, and after-events sponsored by vendors
- Talk to vendors to build relationships and potentially solve issues with their products
- Pro Tip: Only choose three action items to avoid feeling overwhelmed
[04:50 - 06:13] How to Build a Supportive Peer Group and Learn Best Practices
- Follow up with people you met at the conference for accountability
- Attending conferences is worth the time and effort
- Meet others with a growth mindset - expand your network
- Share your conference experiences on Alisa's website or email [email protected]
Key Quotes:
“Conferences are absolutely one of the most valuable educational tools that you can use, and if you go with the right attitude and you have a good plan for when you return, they can bring incredible value to your company.” - Alisa McCabe
"Follow up with the people you met at the conference. They can become your people." - Alisa McCabe
Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com
If you liked the show, please LEAVE A 5-STAR REVIEW, like, and subscribe through your favorite streaming platform!
7 min
About Financial Snickens
From the publisher's feed
From streamlining processes to scaling your company, welcome to the spot where you get bite-sized financial information for entrepreneurs to help you succeed in your business!
With over ten years of experience owning her own accounting and bookkeeping firm and working with hundreds of entrepreneurs, she’s here to break down these questions in easy-to-understand language and actionable items.
Tune in every Thursday for five to ten minutes of invaluable information.
If you have questions about businesses or bookkeeping, head to firststepsfinancial.com and hit the “Let’s Talk” button to continue the conversation.